REG - Helical PLC - £160M ACQUISITION OF 100 NEW BRIDGE STREET

HelicalAnnouncement

17/12/2021 07:00

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RNS Number : 9627V  Helical PLC  17 December 2021

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THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

 

HELICAL ADDS SUBSTANTIAL REFURBISHMENT OPPORTUNITY TO FUTURE DEVELOPMENT
PIPELINE WITH ACQUISITION OF

100 NEW BRIDGE STREET

 

Helical plc, a leading UK real estate company specialising in the
redevelopment and refurbishment of highly sustainable, best-in-class London
office buildings has exchanged contracts to acquire from the vendor, 100 New
Bridge Street Limited, the Guernsey incorporated single asset company, FPM 100
New Bridge Street Limited, that owns 100 New Bridge Street, London EC4, a
167,026 sq ft office building for a cash consideration of £160m.

 

In view of the size of the transaction, which constitutes a Class I
transaction under the Listing Rules, the proposed acquisition is conditional
on Shareholder Approval at a General Meeting, which is expected to be held in
early February 2022.

 

The building, which is held on a 999-year long leasehold at a peppercorn from
National Rail Infrastructure Limited, was completed in 1992 and is let to
international lawyers Baker McKenzie, whose lease expires in December 2023.
Including ground floor retail units, the passing rent is circa £7.3m per
annum (net rents c.£6.5m).

 

Gerald Kaye, Chief Executive of Helical, commented: "The acquisition of 100
New Bridge Street provides us with the opportunity to carry out a major
refurbishment, which will have less impact on the environment than a ground up
development, and which we will be able to deliver more quickly. We expect this
to involve recladding the elevations and incorporating the latest technology
as well as high-quality tenant amenities to create a new best in class Grade A
office building, which will operate to the highest standards of
sustainability.

 

"100 New Bridge Street is exceptionally well-located, mid-way between
Farringdon and Blackfriars stations and is an island site with considerable
prominence and great views. We will be proposing to the City of London that we
also undertake significant public realm improvements around the site."

 

Edward Fairweather, Knight Frank, added: "We were asked to undertake a
discrete sale of 100 New Bridge Street on behalf of the vendor. They are
delighted to have transacted with Helical who have performed at every turn."

 

The vendor was advised by Knight Frank and Dentons. Helical was advised by
Clifford Chance and Ingleby Trice.

 

For further information please contact:

 

Helical

Gerald Kaye

Tel: 020 7629 0113

 

FTI Consulting

Dido Laurimore/Richard Gotla/Andrew Davis

Tel: 020 3727 1000

schelical@fticonsulting.com (mailto:schelical@fticonsulting.com)

 

The information contained within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse (Amendment) (EU Exit)
Regulations 2019. Upon the publication of this announcement, this inside
information is now considered to be in the public domain.

 

This announcement has been authorised for release by the Board

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